A further 3,105 #COVID19 cases in the UK over the past 24 hours. UK trajectory following pretty much bang in line with France & Spain. Should we be panicking already...? Quick thread (and short answer: no)
As in Mar/Apr, UK's epidemic seems to be following closely France & Spain. And what we are learning from there is that cases & deaths are rising but much less rapidly than in Apr/May. Just compare the death trajectories: Spain this time vs last time (the two yellow lines here)
Side note: why am I using deaths to compare this episode with last time around👆? Because last time there was so little testing that the existing case figs don't give a good indication of the prevalence of the disease. So grisly as it is, deaths are a better yardstick
Sidenote 2: since case data from Mar/Apr wasn't v reliable, a better measure is % of positive cases. Compare these charts & u see what I mean. Look at cases alone and it looks like we are facing a bigger epidemic than in March. Look at positivity and we're well down on then.
Now it's possible cases may yet accelerate in Spain and France but we aren't seeing it. Latest numbers out of Madrid this pm: 9437 cases in past 24 hours. Sounds scary, but if you average out cases over the past week they're creeping up, not catapulting higher. That's v important
Last time around the prevalence of the disease (as best as we could determine) was doubling every 3/4 days. This time around it's doubling every 15 or so days. If you're wondering what kind of a difference that makes, it's enormous. Bigger than the gap between these two lines
Last time around, the trajectory of deaths seemed to follow the trajectory of cases. But look at the gap between black line (deaths) and white line (COVID positivity rate) this time around. The link seems to have been broken - though it's too early to be absolutely sure.
None of this is to dispute that hospitalisations and deaths are rising in Spain & France. But so far not as fast as in the spring. Exponentiality is what matters here. We need to keep remembering that. And keeping an eye on the data - as it's not impossible it worsens
Some conclusions: 1. UK cases of #COVID19 will continue to rise. Will prob be 10k within a few wks 2. Hospitalisations will rise 3. Deaths will rise 4. But the increases should, if it's anything like Spain/France, be gradual 5. These are ingredients for caution - but not panic
There are crucial provisos. Spain's cases seem to be coming under control not in the absence of action but following measures imposed by govt. In Spain they have limited gatherings much like the UK via the "rule of 6" (their rule is, I think, 10). They are not "letting it rip"
Second, nothing in the above thread precludes the possibility of things going worse here than they are in France/Spain. If anyone is telling you with confidence they know what's going to happen, they DON'T.
Including me. I'm just keeping an eye on the numbers 🤓
Is it time to panic about the rise in #COVID19? Here’s a video which almost answers that question. It’s 14 minutes and the powers-that-be at @skynews say they’d be amazed if anyone kept watching beyond 3m. So now’s your opportunity to prove the MSM wrong!
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The PM keeps repeating the figure £16bn in relation to the OBR's latest forecasts - giving the impression that this would have left a big hole in the public finances. What he fails to acknowledge is that that this is LITERALLY ONLY ONE PART OF THE STORY.
Here's why...
Yes: the OBR downgraded the fiscal numbers by £16bn (actually £15.6bn) due to weaker productivity (red bar below).
But it also simultaneously UPGRADED them by a whopping £32bn (blue bars).
This chart from @TheIFS shows it pretty clearly👇
Banging on about the £16bn productivity - as the PM did repeatedly in his press conference today - without also mentioning the £14bn inflation UPGRADE and the £17bn of other UPGRADES seems... pretty misleading to me.
It's simply NOT the full picture...
NEW
UK abolishes its "de minimis" rules which exclude cheap imports below £135 from paying tariffs.
A massive deal for the fast fashion/cheap Chinese imports sector: this is the so-called loophole used to great effect by SHEIN and Temu.
Should also bring in some tariff revenue
For more background on this, here's our investigation from earlier this year on de minimis and what it means in practice - including a glimpse inside the planes carrying these imports into the UK 👇
The flip side to this policy is:
a) stuff (yes, a lot of it is tat but even so) will get more expensive
b) it primarily hits lower income households
c) as you'll see from my thread, de minimis was a lifesaver for small regional airports. Its demise is v bad news for them...
NEW
"Data center alley" in North Virginia.
Home to the biggest cluster of server centres in the world.
Here, more than anywhere else, is the global epicentre of AI.
It's where the recent AWS outage happened.
And we've secured rare access INSIDE one of the data centres...
The inside of one of the centres, run by Digital Realty, one of the biggest datacenter companies in the world.
Extremely high security. Long, long corridors, flanked by rooms in which those servers are operating.
This is the very heart of the biggest economic story right now
And inside one of those rooms, here is one of the supercomputers powering the AI boom. This Nvidia DGX H100 is the physical infrastructure making AI a reality.
🚨EXCLUSIVE
The firm at the heart of Britain's critical minerals strategy has ditched plans for a rare earths refinery in the UK, and will build it in the US instead.
It's a serious blow to the Chancellor and her plans for "securonomics" ahead of next month's Budget👇
Not long ago Pensana was being hailed as key to Britain's industrial future.
It had plans to ship rare earth ores to the UK and refine them in a plant just outside Hull, creating 126 jobs and bringing in hundreds of millions of pounds of investment...
Its Saltend site was where the then Biz sec Kwasi Kwarteng launched the govt's official critical minerals strategy a few years ago, saying: "This incredible facility will be the only of its kind in Europe and will help secure the resilience of Britain's supplies into the future"
📽️Is Britain REALLY facing a 1970s-style fiscal crisis?
Why are investors so freaked out about UK debt?
Is this REALLY worse than under Liz Truss?
Who's to blame? Rachel Reeves? The Bank of England?
And would a bit of productivity really solve everything?
📈 Your 6 min primer👇
OK, so let's break it down.
Start with the chart everyone (well, everyone in Whitehall) is talking about.
The 30yr UK government bond yield. Up to the highest level since 1998. And it's still rising.
Does this mean the UK is facing a fiscal crisis? Let's look at the evidence
First let's compare the UK to other G7 countries.
There's two ways to do this.
First, look at absolute levels👇
And it looks pretty awkward for the UK.
Pre-mini Budget we were middle of the pack. That changed post-Truss. And now, under Labour, the UK is even more of an outlier.
👗Billions of pounds of imports...
↗️Rising by more than 50% a year...
🛬Planes stuffed with cheap clothes...
🇨🇳And a loophole saving Chinese companies from £billions of UK taxes.
Behind the scenes of one of the biggest stories in the modern economy: e-commerce
👇
We've spent months investigating this phenomenon.
- We've got the first official estimate of the scale of cheap untaxed imports into the UK.
- We've seen inside the planes carrying these goods here.
- A whole logistics industry is growing around it.
This is a v big deal!
The story begins with a MASSIVE rise in orders from Chinese e-commerce giants like SHEIN and Temu.
Now, most coverage of these brands focuses on labour standards. An important issue.
But there's something else going on here - something deeper.
A shift in how trade works...